Filed October 21, 2021 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.11+ years Filed as: ALERUS FINANCIAL N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $69,357 |
Employer contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $76,490 | $107,741-29.0% | $96,576-20.8% | $79,634-3.9% |
| Participation rate | 96.9% | 79.1%+17.8pp | 81.4%+15.4pp | 62.5%+34.4pp |
| Annual return | 16.54% | 19.24%-2.7pp | 38.47%-21.9pp | 36.46%-19.9pp |
| Employer contribution / active EE | $108 | $2,991-96.4% | $3,553-97.0% | $2,529-95.7% |
| Participant deferral / active EE | $5,923 | $7,899-25.0% | $7,956-25.6% | $3,835+54.5% |
| Admin fee / account holder | $181 | $1,150-84.3% | $11,381-98.4% | $1,002-81.9% |